Mortgage and bridging advice please.

Bikefast

I have been offered as a private sale a property valued at £1.2M for £900K as an immediate sale. I have a property with £400K equity in it which has just gone on the market.

I need two things: A mortgage of £500K, preferably self cert, and an affordable method of bridging until my £400K equity comes through.

Can anyone suggest a specialist broker who could deal successfully with this?

Also, any other proposals on how to finance it?

silvercar

Have you a mortgage on your 400k property? If not, the mortgage for larger property at 500k on a value of £1m+ looks straight forward provided your credit rating and salary can justify it.

The problem with open bridging is that you don't know how long you will need it for. I would be tempted to reduce the price of the 400k property to get a quick sale and access to your equity.

Other options would be to get a BTL mortgage on the 400k property to access most of the equity or take a much larger mortgage on thenew place until the old one is sold.

pipee

A bridging loan is the obvious answer as they can be arranged very quickly. Obviously there is a risk with taking an open bridging loan, but this could potentially be justified by the saving you are making on the new property.